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Customer Due Diligence(CDD)
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| 4. Customer Due Diligence(CDD) Conducting Customer Due Diligence (CDD) implies that each Post Office obtains satisfactory evidence and properly establishes in its records, the identity and legal existence of any person doing any kind of business (receiving international money remittance or foreign exchange) with it. Such evidence must be substantiated by reliable and independent source documents 4.1 General Guidelines on CDD. ¾ Every Post Office must conduct customer due diligence, when • establishing any business relationship with any customer • it has any suspicion of money laundering or financing of terrorism or • it has any doubt about the veracity or adequacy of previously obtained information. ¾ The customer due diligence undertaken by the Post Office should at least comprise the following • identify and verify the customer • identify and verify beneficial ownership and control of such transaction • obtain information on the purpose and intended nature of the business relationship/transaction; and ‐ 4 ‐ • conduct ongoing due diligence and scrutiny, to ensure the information provided is updated and relevant. ¾ Unwillingness of the customer to provide the information requested and to cooperate with the customer due diligence process may itself be a factor of suspicion. ¾ The Post Office should not commence business relation or perform any transaction, or in the case of existing business relation, it should terminate such business relation if the customer fails to comply with the customer due diligence requirements and lodge a suspicious transaction report. ¾ All Post Offices should keep in mind that information collected from the customer for the purpose of undertaking inward remittance transaction or for the money changing activities is to be treated as confidential and details thereof are not to be divulged for cross selling or any other purposes Download 268.87 Kb. Share with your friends:
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